How to create a Limit order & Take profit intent
Play Video about A graphical user interface for setting up a Limit Order with a Take Profit intent on a blockchain trading platform, showing fields for price limit, amount, and take profit target."
Summary:
- 🔑 Key Points:
- The video introduces the concept of a “Limit Order & Take Profit Intent” (OCO order) on the Intentable marketplace.
- OCO order allows you to set conditions for selling a cryptocurrency (like Ethereum) based on price movements either below or above specified thresholds.
- 📊 Creating the OCO Order:
- The tutorial begins by explaining the need for checking the current price of Ethereum using Chainlink’s price feed.
- Validation Nodes are used to set price conditions (e.g., selling if ETH falls below $1,800 or if it rises above $2,800).
- For executing a sell, the video demonstrates transferring your ETH to an on-chain wallet, converting it to another currency (like USDT), and then transferring it back.
- 💡 Building the Intent:
- The creator emphasizes the importance of atomic transactions, where if one part of the transaction fails, the entire transaction is canceled.
- Instructions include how to set up both lower and upper price limit conditions and how to use various nodes for actions like checking balances, transferring tokens, and executing trades.
- 🚀 Publishing the Intent in the marketplaces :
- The final part covers creating an app for the marketplace that uses this OCO order setup.
- Viewers are shown how to create a user-friendly form for their app, including locking certain inputs (like the token to be sold) and leaving others variable (like the sell limit price).
- 🎯 Conclusion:
- The video concludes with a brief overview of simulating the Intent, publishing it on the marketplace, and the potential to earn from its use.
- 🔍 Exploring Intentable: intentable is a platform that enables users to create complex order types and financial tools using a visual builder interface. It caters to both technical and non-technical users aiming to optimize their cryptocurrency trading strategies.
